Financings in Brief: Integ
This article was originally published in The Gray Sheet
Executive SummaryInteg: Plans to go public with an offering of 3.5 mil. shares of common stock at an expected price of $12 to $14 per share, according to a registration statement filed May 2 with SEC. The St. Paul, Minnesota-based firm expects to net approximately $35.9 mil. from the offering. Proceeds could reach $41.3 mil. if an over-allotment option granted to underwriters Piper Jaffray and Montgomery Securities is exercised in full. Funds will go toward continued development, testing and clinical trials of Integ's Lifeguide System glucose monitor, for which the firm intends to submit a 510(k) to FDA during the first half of 1997. Integ's development timeline for the monitor, which measures glucose present in interstitial fluid rather than blood, has been pushed back from the schedule outlined by the company at an investment conference in January. At that time, Integ was planning on a third quarter 1996 510(k) submission ("The Gray Sheet" Jan. 22, p. 9)...
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